Sound smart: The U.S. dollar has risen 25% against the euro since the summer of 2014, a trend that has provided a huge boost to European exporters and growth. The New York Fed estimates that a 10% rise in the dollar can cut 0.5% from GDP growth in the first year 0.7% the next, suggesting U.S. growth could have been close to double its actual 2016 rate absent the change in exchange rates.

The downside: The Eurozone may technically have grown faster than the U.S. last year, but with unemployment in Spain still at 19%, and purchasing power in relatively prosperous Germany on the decline, Americans should feel no envy.